The Norwegian Oil Fund Investment Decider N.O.F.I.D.


  • Daniel S Valland University of Bergen
  • Tor Aimar Carlsen University of Bergen
  • Mikkel Lea University of Bergen
  • Arild Pensgaard University of Bergen
  • Sebastian Karlsen University of Bergen
  • Pavel Sotov University of Bergen
  • Marija Slavkovik University of Bergen


As the Norwegian Oil Fund keeps growing, so does the ethical impact of the investments it makes. Each investment made by the fund has to be subjected to considerable ethical evaluation to ensure its suitability. The trend of automating investing imposes the question of how to ensure that the decisions made by an algorithm are still within desirable ethical boundaries. To tackle this question we propose an approach to automating the ethical evaluation of investments through an ethically constrained decision aid system. To demonstrate the feasibility of our approach, we develop a prototype for an investment decision aid system called “The Norwegian Oil Fund Investment Decider” (N.O.F.I.D). The prototype enables automated suggestions for selecting stocks for investment by the Norwegian Oil fund. N.O.F.I.D maintains laws and societal norms, adhering to the ethical theory of rule utilitarianism. Similar decision aid systems may exist today, but to the best of our knowledge, none focus primarily on the ethical aspects of investments.





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